Penumbra, Inc. (NYSE:PEN) Stock Position Cut by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its stake in shares of Penumbra, Inc. (NYSE:PEN) by 5.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,892 shares of the company’s stock after selling 1,229 shares during the quarter. Mutual of America Capital Management LLC owned about 0.06% of Penumbra worth $4,254,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. WASHINGTON TRUST Co bought a new stake in shares of Penumbra in the 2nd quarter worth $54,000. Park Place Capital Corp lifted its holdings in shares of Penumbra by 1,473.9% in the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after buying an additional 339 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after buying an additional 369 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Penumbra by 808.9% during the third quarter. Blue Trust Inc. now owns 509 shares of the company’s stock worth $92,000 after acquiring an additional 453 shares during the period. 88.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PEN shares. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Canaccord Genuity Group increased their target price on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. BTIG Research lifted their price target on shares of Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Robert W. Baird increased their price objective on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company lowered Penumbra from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Penumbra currently has a consensus rating of “Moderate Buy” and a consensus target price of $227.92.

Penumbra Price Performance

Shares of PEN opened at $240.15 on Friday. The business’s 50-day moving average is $210.39 and its 200-day moving average is $197.02. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The company has a market capitalization of $9.22 billion, a price-to-earnings ratio of 279.24, a P/E/G ratio of 2.40 and a beta of 0.51. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $277.34.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.67 EPS. Equities research analysts expect that Penumbra, Inc. will post 2.79 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, August 13th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now owns 882,582 shares of the company’s stock, valued at $174,495,287.22. The trade was a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $239.74, for a total value of $143,844.00. Following the completion of the sale, the executive vice president now owns 64,044 shares of the company’s stock, valued at approximately $15,353,908.56. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,748 shares of company stock valued at $6,607,374. Insiders own 5.00% of the company’s stock.

Penumbra Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.